Revolution Medicines (NASDAQ:RVMD) Shares Gap Up to $32.99

Revolution Medicines, Inc. (NASDAQ:RVMD)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $32.99, but opened at $33.98. Revolution Medicines shares last traded at $36.52, with a volume of 515,814 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Needham & Company LLC reissued a “buy” rating and set a $36.00 price objective on shares of Revolution Medicines in a research note on Monday. Wedbush boosted their price target on shares of Revolution Medicines from $41.00 to $42.00 and gave the company an “outperform” rating in a research report on Tuesday, February 27th. Raymond James raised shares of Revolution Medicines from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $36.00 to $48.00 in a report on Wednesday. UBS Group assumed coverage on shares of Revolution Medicines in a research note on Wednesday, December 20th. They set a “buy” rating and a $40.00 target price on the stock. Finally, Piper Sandler assumed coverage on shares of Revolution Medicines in a research note on Monday, March 11th. They issued an “overweight” rating and a $43.00 price target for the company. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Revolution Medicines has a consensus rating of “Buy” and an average price target of $40.00.

Revolution Medicines Stock Performance

The business’s 50 day moving average price is $30.98 and its 200-day moving average price is $27.27. The firm has a market capitalization of $6.16 billion, a PE ratio of -9.92 and a beta of 1.54.

Revolution Medicines (NASDAQ:RVMD) last announced its earnings results on Monday, February 26th. The company reported ($1.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.29). The business had revenue of $0.74 million during the quarter, compared to the consensus estimate of $1.20 million. During the same quarter last year, the firm posted ($0.63) earnings per share. The firm’s revenue for the quarter was down 95.2% compared to the same quarter last year. As a group, analysts anticipate that Revolution Medicines, Inc. will post -3.17 earnings per share for the current year.

Insider Activity at Revolution Medicines

In related news, COO Margaret A. Horn sold 2,914 shares of the firm’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $31.58, for a total transaction of $92,024.12. Following the completion of the transaction, the chief operating officer now directly owns 139,553 shares in the company, valued at approximately $4,407,083.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Revolution Medicines news, COO Margaret A. Horn sold 2,914 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $31.58, for a total transaction of $92,024.12. Following the sale, the chief operating officer now directly owns 139,553 shares in the company, valued at approximately $4,407,083.74. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jack Anders sold 1,261 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $31.58, for a total transaction of $39,822.38. Following the completion of the transaction, the chief financial officer now directly owns 101,959 shares of the company’s stock, valued at approximately $3,219,865.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,550 shares of company stock worth $325,414. 8.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Revolution Medicines by 51.8% in the 4th quarter. Vanguard Group Inc. now owns 14,634,391 shares of the company’s stock valued at $419,714,000 after buying an additional 4,990,800 shares during the period. Wellington Management Group LLP grew its holdings in Revolution Medicines by 40.8% during the 4th quarter. Wellington Management Group LLP now owns 14,882,086 shares of the company’s stock worth $426,818,000 after acquiring an additional 4,309,611 shares in the last quarter. BVF Inc. IL increased its position in shares of Revolution Medicines by 50.2% in the 4th quarter. BVF Inc. IL now owns 5,981,212 shares of the company’s stock valued at $171,541,000 after purchasing an additional 2,000,000 shares during the last quarter. Nextech Invest Ltd. raised its holdings in shares of Revolution Medicines by 30.1% in the 4th quarter. Nextech Invest Ltd. now owns 6,296,740 shares of the company’s stock valued at $180,591,000 after purchasing an additional 1,457,211 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Revolution Medicines by 36.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,035,179 shares of the company’s stock worth $109,063,000 after purchasing an additional 1,355,137 shares during the last quarter. 94.34% of the stock is owned by institutional investors and hedge funds.

About Revolution Medicines

Revolution Medicines, Inc, a clinical-stage precision oncology company, develops novel targeted therapies for RAS-addicted cancers. The company's research and development pipeline comprises RAS(ON) inhibitors designed to be used as monotherapy in combination with other RAS(ON) inhibitors and/or in combination with RAS companion inhibitors or other therapeutic agents, and RAS companion inhibitors for combination treatment strategies.